Warner Bros. recommends rejection of Paramount buyout

Get Our Email Newsletter
The companies, people and issues shaping business in Madison and the Capital Region.

The streaming wars have heated up, with Paramount Skydance pursuing a buyout of Warner Bros. Discovery that Warner Bros. shareholders recommended it reject in favor of a rival bid from Netflix.

The Associated Press reports the Warner board sent a letter to shareholders on Wednesday calling Paramount’s offer “inferior” with more risks and costs. It cited borrowed money as its basis, adding that Netflix is a company worth over $400 billion.

Warner agreed earlier this month to a $72 billion offer in cash and stock from Netflix. Paramount then made an all-cash offer for Warner worth $77.9 billion.

Warner shareholders have until Jan. 8 to vote on Paramount’s offer.

Digital Partners